Ministry of Trade, Industry and Energy

Trade Minister meets Canada’s Minister of Export Promotion, Int'l Trade & Economic Development

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on April 22 at the Lotte Hotel Seoul to discuss stronger bilateral trade and economic cooperation. date2024-04-23

Korea and Canada discuss measures for stronger trade and economic cooperation

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Head of the Canadian business delegation, on April 22 in Seoul and held trade ministerial talks.   During the bilateral talks, Trade Minister Cheong suggested that Korea and Canda bolster their cooperation in natural gas, critical minerals, and batteries, while expanding the scope of cooperation to areas like clean energy and small modular reactors (SMRs). He also requested the Canadian government’s interest and cooperation in facilitating Korean firms’ local investment and supply chain endeavors.   The trade chief also met with Goldy Hyder, President of the Business Council of Canada, on the margins of the business delegation’s visit to Korea and discussed private sector efforts in translating government efforts into concrete joint projects.   Canada’s business delegation visit to Korea is the largest bilateral economic cooperation event following the upgrade of their relations to a Comprehensive Strategic Partnership in 2022, held with participation of more than 170 Canadian firms and institutions for stronger networking and uncovering new joint projects between the two countries’ companies.   Moreover, under the shared understanding that trade and investment cooperation is key, the two sides held the fourth Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on a ministerial level, which is a first. date2024-04-23

Korea and Japan hold bilateral trade and industry ministerial talks

Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, in commemoration of the one-year anniversary of the Korea-Japan Summit held March 2023 and “shuttle diplomacy.”   The ministers discussed follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. A first since 2018, the official talks were held as an extension of the two countries’ recently strengthening bilateral relations and mutual visits.   Both sides highly assessed the fact that the collaboration between Korean and Japanese companies is kicking into high gear on the backs of the bilateral summit diplomacy and decided to continue promoting the cooperation between their governments and business communities, while giving mutual support to investment companies by installing a regular communication channel between Korea’s MOTIE and the Seoul-Japan Club (SJC), and between Japan’s Ministry of Economy, Trade and Industry (METI) and the Korea Business Association (KOBA).   Moreover, the two sides shared the view that wider cooperation is needed in decarbonization and new energy areas for achieving carbon neutrality goals by 2050, agreeing to cooperate through the Carbon Free Energy (CFE) Initiative. In this regard, a director-level climate policy cooperation working group will be established for global clean technology and product evaluation and global carbon regulatory response.   The ministers agreed to push forward cooperation in clean hydrogen and ammonia and to discuss detailed measures through the director general-level Korea-Japan hydrogen cooperation dialogue in the future. In addition, they concurred that supply chain stabilization is a pending challenge for both countries and agreed to install a dialogue channel for information exchange.   Furthermore, both sides noted the importance of economic and trade cooperation among Korea, Japan, and China, on which Japan expressed support for Korea’s successful hosting of the 13th Korea-Japan-China economy and trade ministers’ meeting this year. The two countries will also further coordination on the Korea-U.S.-Japan trilateral meeting among their industry and commerce leaders.   Lastly, the trade and industry chiefs agreed to make joint efforts on issues concerning the World Trade Organization (WTO) reform, including the WTO dispute settlement system, investment facilitation for development, and e-commerce moratorium negotiations. date2024-04-23

Japan's advanced materials companies pledge $120 mln investment in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 22 that on the occasion of Minister Dukgeun Ahn’s visit to Tokyo, Japan’s Toray Industries and another semiconductor materials company confirmed a pledge for combined investment of USD 120 million and submitted their investment declarations.   Japan’s largest investor to Korea in the manufacturing industry, Toray Industries has invested over KRW five trillion in Korea since entering the market in 1963 and has continued to expand its business scope. The company produces high-performance materials like carbon fibers, super engineering plastic, and aramid fibers for secondary battery separators and other advanced components.   Toray Industries has plans for large-scale investment in Korea in line with its business outlook of augmenting the production line by 2025. Once the aramid fibers manufacturing facility is completed in 2025, Toray Industries will start producing highly heat resistant meta-aramid fibers for electric vehicle (EV) motors.   On the heels of the investment declaration ceremony, Minister Ahn met with a major Japanese chemical company to discuss investment in anodes production facilities, and Toshiki Kawai, the CEO of global semiconductor equipment manufacturer Tokyo Electron Ltd., for bilateral talks.   The minister also chaired a meeting with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports. date2024-04-23

Minister Ahn meets Toray Industries CEO

Trade, Industry and Energy Minister Dukgeun Ahn met Akihiro Nikkaku, President and CEO of Toray Industries, on April 19 in Seoul and discussed high-performance carbon fibers and materials production facility investment. date2024-04-22

Experts from 40 countries gather in Seoul to further AI global standards development

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) is hosting the 13th Plenary of ISO/IEC JTC 1/SC 42 Artificial Intelligence through April 22-26 in Seoul at the Korea Chamber of Commerce and Industry (KCCI) with the attendance of approximately 270 global AI experts from 40 countries, including the U.S., UK, Germany, and Japan, and companies like Google, Microsoft, NVIDIA, KT, and Naver.   The plenary meeting will cover issues in Generative AI ethics, AI credibility evaluation, maturity model for evaluating the performance of AI system development, and AI management system guidelines. Experts from Thailand, Cambodia, and five other Southeast Asian countries are also attending the sessions for the first time to experience the AI standardization process.   At the meetings, KATS will be proposing two new types of international standards concerning the AI ethics review format and AI maturity model, as well as the installation of a “standardization advisory group” for expanding the scope of AI application across all industries.   Meanwhile, an AI Standards Open Workshop and a “Korean-English AI for All” panel discussion will be held online for public viewing on the sidelines of the plenary sessions on April 24 and May 2, respectively. date2024-04-22

Korea and Japan hold 21st bilateral Steel Dialogue

Korea's Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held the 21st Korea-Japan Steel Dialogue meeting on April 19 at Lotte Hotel Busan.   Launched in 2001, the bilateral Steel Dialogue is a regular communication channel for Korean and Japanese steel industries, with the 20th meeting held last year in Tokyo after a hiatus of almost five years. The 21st meeting was attended by representatives of MOTIE, METI, Korea Iron and Steel Association (KOSA), Japan Iron and Steel Federation (JISF), and both countries’ major steelmakers.   The two sides shared their overall economic and industrial trends and discussed the future direction for carbon regulations and trade issues. Both sides’ industry representatives noted the toughening trade conditions from slow demand for steel and oversupply, intensifying trade barriers, and geopolitical volatilities, and agreed that cooperation is needed for greater synergy.   They also decided to strengthen coordination in carbon reduction technology development, securing steel scrap and green hydrogen among other key raw materials and fuel for carbon neutrality, and in establishing international standards for low carbon steel, agreeing to further talks during the second Korea-Japan Green Steel Joint Seminar slated for the latter half of 2024.   Participants concurred that bilateral cooperation is all the more necessary amid difficult industry circumstances and agreed to continue uncovering prospective joint projects in view of Korea and Japan’s shared stance on key issues, including decarbonization and trade barriers. date2024-04-20

Defense industry spearheading Korea’s exports with $20 bln target in 2024

Trade, Industry and Energy Minister Dukgeun Ahn visited the Korea Aerospace Industries (KAI) headquarters in Sacheon on April 18 to inspect the production site of FA-50s and the Korean Utility Helicopter (KUH) Surion and discussed export issues with defense industry representatives.   Inking over USD 30 billion in business deals over the last two years, the domestic defense industry is leading Korea’s sprint towards this year’s total export target of $700 billion.   Based on competitive pricing and after-sales support, KAI has supplied 220 aircrafts, including FA-50s, to countries like Indonesia and Poland. Following the deal sealed with Malaysia on 18 FA-50s last year, KAI is eyeing exports to Africa and other new markets. First developed in 2013 for the purpose of replacing the aging fleet of military helicopters, the Surion is looking forward to taking flight in the Middle Eastern markets this year.   Along with the defense budget beef-up across major countries, the defense market is forecast to burgeon into a KRW 900 trillion market by 2027 and the Government plans to provide sweeping support to Korea’s defense industry in attaining this year’s $20 billion target through stronger trade financing and overseas marketing assistance. Measures will include injecting more than 10 trillion won in trade financing for defense exports and global bid projects, expanding the number of defense hub trade centers around the world, hosting trade shows, and pouring over 400 billion won this year alone into the research and development of advanced defense materials, parts, and equipment. Moreover, with a 29-billion won funding for military advancements like the single-seat FA-50 for increased range, the Government will support global market penetration and export portfolio diversification to include light armed helicopters and next-generation fighter aircrafts like the KF-21. date2024-04-20

Minister Ahn visits KAI

Trade, Industry and Energy Minister Dukgeun Ahn visited KAI on April 18 in Gyeongnam and held talks on Korean defense industry issues with representatives of related institutions and companies, and inspected the production site for Korean Utility Helicopter, “Surion.” date2024-04-19

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site, stating that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18